Deus Finance exploited for over $3M worth of cryptocurrencies

Deus Finance exploited for over $3M worth of cryptocurrencies
фото показано с : invezz.com

2022-3-16 14:03

Deus Finance is the latest victim of a hacking attack in the decentralized finance (DeFi) sector. The DeFi platform suffered a $3 million exploit. Deus Finance has since confirmed that the exploit happened.

Deus Finance suffers a $3M exploit

The exploit on Deus Finance was done through a flash loan. This platform allows users to borrow and repay funds within the same smart contract. Flash loans are used to facilitate arbitrage trading, where traders find trading opportunities in the price difference of a token between DeFi protocols.

The hackers exploited Muon, the oracle that Deus Finance uses to generate off-chain data for smart contracts. The attack resulted in a depeg between the USDC/DEI token pair, causing liquidations and insolvency among users. The attacker also exploited TornadoCash to hide the transactions made through the Fantom chain.

The Deus Finance protocol is interoperable with different networks, including Ethereum, Avalanche, Fantom and Polygon. Through its native token, DEI, users can send stablecoins to compatible chains and claim the token on the second chain without slippage. DEI also has utility as collateral for third-party applications developed on Deus.

Deus Finance takes action after exploit

The core developer of Deus Finance, Lafayette tabor, has tweeted about reimbursement and stated that the team was working to fix the issue. Users affected by the exploit will also be reimbursed. Users will receive the reimbursement using personal and DEUS DAO funds.

Tabor also went to Medium to publish a notice saying,

Your funds and our system are safe, we deactivated all affected contracts and have been in contact with MUON to upgrade our oracles immediately to mitigate further risks for future implementations, we also contacted some security researchers to take a look at our architecture.

The recent attack on Deus Finance came after Andre Cronje and Anton Nell announced they would be leaving the DeFi sector. Cronje was a developer of several projects on the Fantom (FTM/USD) network. After the announcement of the departure of Cronje and Nell, Dues Finance said it was looking towards the NFT space by creating a money market on veNFT. The project will allow users to hold liquid positions using their NFTs, borrow against their NFTs and trade them in the market.

The post Deus Finance exploited for over $3M worth of cryptocurrencies appeared first on Invezz.

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